On October 23, 2014, the Federal Government of Canada introduced Bill C-43, which included the Extractive Sector Transparency Measures Act (“the Act”). The Act will require disclosure by entities in the extractive sector of payments made to government entities through a number of new annual reporting requirements.

Entities subject to the Act will be required to annually report monetary or in-kind payments made to any domestic or foreign government in relation to the commercial development of oil, gas or minerals, although, payments made to Aboriginal governments in Canada will not be subject to the Act until two years after the legislation comes into force. The Government intends to bring the Act into effect by April 1, 2015.